How to set up a Ripple wallet?
A Ripple wallet is available when you download any type of wallet. Each wallet is activated when you successfully confirm your registration credentials. When transacting with fiat money, people use their bank accounts to store and exchange value. For Ripple, the same procedure applies. While there are Ripple Banks, the wallet provides a means to store and exchange value at any time. Although Changelly doesn’t have a native wallet, we are partnered with a range of ones, e.g. Ledger Wallet.
Your wallet is regulated by the public and the private key. The public key allows people to send XRP to you and with the private key; you are able to authorize transactions and gain access to your tokens.
How to choose the best Ripple wallet?
To safeguard your XRP, you need a wallet. The best wallet for XRP can be said to the one that provides you with an easy access and the best security. Anyone choosing a wallet for crypto needs to be able to determine how easy to use and safe it can be at all times.
As a primary rule, except you are trading actively on an exchange, you should never leave your XRP in an exchange wallet. Not only is it easy targeted, a failure of any kind on the platform can shut you out and lead to losses.
If you love to have a multi-currency hardware wallet, you might want to consider the Ledger Nano S. As a detachable hardware, it is easy to use, take along and store securely. Anyone who owns more than one coin or token type might prefer having all in one place. In this respect, as a multicurrency wallet, ledger Nano S fits the bill.
Since private keys need to be used to access your hardware wallet, it makes it difficult for anyone to easily access it. As an offline device, it is not easily compromised by hackers who prowl the Internet for accounts to compromise.
A hardware wallet is compatible for use on desktop, mobile and on the web as the need arises. The transaction safeguard makes it impossible to send tokens from the device without physically connecting it to your operating device. When plugged into a PC or laptop, you also need to enter a device pin code, which is a 4 digit number. This is a necessary rule to access the hardware.
After you get your wallet activated and working, make sure you update it whenever you are alerted that a new firmware is available. As new updates are provided, you should take advantage of such to make your tokens and coins more secure. To avoid a possible loss of access, when updating your firmware, make sure the 24-word phrase for account recovery is safe and accessible. This is a safeguard in case you encounter technical problems in the process.
How to get a Ripple wallet: get a step-to-step guide
To use an XRP wallet like the Ledger Nano S, you need to buy one. After you buy the hardware, the next step will be to activate it. You should never use an already activated hardware and make sure you create your pin code. In addition, you have to write down your 24 words recovery key.
These are the steps to using a Ledger Nano S.
- Download the Ledger Wallet Ripple application from the manufacturer website to your PC. This will only work with the Ledger Manager. It is compatible with Linux, Windows, iOS and MAC
- After download, launch the Ledger Wallet Ripple on your laptop or PC
- The synchronization will happen automatically
- This makes it ready for use
- Create your pin code
- Write down your 24 words recovery key
- You can now copy your wallet address and use it for any Ripple transaction.